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Government affirms 8.65% interest on EPF
The Finance Ministry has approved the interest rate of 8.65% on EPF for the EPFO ​​by the retirement fund body EPFO, which has benefited more than 60 million workers from the formal sector. "The Financial Services Department (DFS), a branch of the Ministry of Finance, has agreed to the Employees Provident Fund Organization (EPFO) to provide interest rate 8.65 percent for their clients 2018-19," a source privy development Told PTI.
                                                 

                                     
                                   
Government affirms 8.65% interest on EPF
Government affirms 8.65% interest on EPF

The source further said, "DFS has approved the proposal subject for certain conditions related to efficient management of retirement fund." Earlier in February, the Central Board of Trustees headed by Union Labor Minister Santosh Gangwar, the highest decision making body of the EPFO, decided to increase the rate of interest on EPF to 8.65 percent for the year 2018-19, the first increase in the last three years was.The interest rate on EPF from 8.55 percent provided in 2017-18 was 8.65 percent for the previous financial year. The EPFO ​​earlier reduced in the interest rate in 2016-17 to 8.65 percent from 8.8 percent in 2015-16. After the consent of the Finance Ministry, the Income Tax Department and Labor Ministry will notify the interest rate for 2018-19 After this, the EPFO ​​will instruct more than 120 field offices to credit the rate of interest to the customers' accounts and settle their claims accordingly.

According to the EPFO ​​estimates, after providing interest rate of 8.65 percent for the EPF on 2018-19, the surplus would be 151.67 crore rupees. For the last financial year, the rate of loss of Rupees 158 crores has been incurred on providing 8.7 percent interest rate in the EPF. That is why the body decided to provide 8.65 percent interest rate for 2018-19. EPFO provided low rate of interest of five years to 8.55 percent of its customers for 2017-18.

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